With A 3.5% Return On Equity, Is Estun Automation Co., Ltd (SZSE:002747) A Quality Stock?
With A 3.5% Return On Equity, Is Estun Automation Co., Ltd (SZSE:002747) A Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Estun Automation Co., Ltd (SZSE:002747), by way of a worked example.
虽然一些投资者已经熟悉金融指标(参考)，但本文是给那些想了解回报率(ROE)以及其重要性的人。通过一个实际案例，我们将使用ROE来检查埃斯顿自动化股份有限公司的(SZSE:002747)财务业绩。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即净资产收益率，测试一家公司有效增加价值和管理股东资金的能力。换句话说，它揭示了公司将股东投资转化为利润的成功程度。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Estun Automation is:
因此，根据上述公式，埃斯顿自动化的ROE为:
3.5% = CN¥97m ÷ CN¥2.8b (Based on the trailing twelve months to March 2024).
3.5% = CN¥97m ÷ CN¥2.8b (基于截至2024年3月的过去12个月)
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.03 in profit.
'回报'是过去12个月的利润。这意味着，对于每一元股东权益，该公司产生了0.03元的利润。
Does Estun Automation Have A Good ROE?
埃斯顿自动化的ROE是否良好？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As shown in the graphic below, Estun Automation has a lower ROE than the average (6.9%) in the Machinery industry classification.
可以说，评估公司的ROE最简单的方法是将其与同行业的平均值进行比较。但这并不是完美的度量标准，因为即使在同一行业分类中，公司之间也存在显著差异。如下图所示，埃斯顿自动化的ROE低于机械行业分类平均值(6.9%)。
That's not what we like to see. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. Our risks dashboard should have the 3 risks we have identified for Estun Automation.
这不是我们想看到的。尽管如此，ROE较低并不总是件坏事，特别是如果公司杠杆率较低，这仍然为公司在承担更多债务时留下改善空间。高债务水平和低ROE是我们想避免的风险组合。我们的风险仪表板应该列出我们为埃斯顿自动化确定的3个风险。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要资金来增加利润。这些资金可以来自保留收益，发行新股（股权）或债务。在第一和第二种情况下，ROE将反映这种用于投资业务的现金使用情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。通过这种方式，债务的使用将提高ROE，即使业务的核心经济学保持不变。
Combining Estun Automation's Debt And Its 3.5% Return On Equity
结合埃斯顿自动化的债务和其3.5%的ROE
Estun Automation clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.40. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
埃斯顿自动化显然使用了大量债务来提高回报率，因为其资产负债比为1.40。ROE相对较低且债务使用相当大的组合并不特别吸引人。债务增加了风险，并减少了公司未来的选项，因此您通常希望从中获得一些不错的回报。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是评估企业生成利润并将其返还给股东能力的有用指标。能够在不使用过多债务的情况下实现高回报率的公司通常是高质量的公司。如果两家公司具有相同的ROE，那么我通常会更喜欢负债较少的公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So I think it may be worth checking this free report on analyst forecasts for the company.
尽管ROE是公司质量的一个有用指标，但您必须查看一系列因素才能确定购买股票的正确价格。还必须考虑利润增长率与当前股票价格反映的利润增长预期相对的速度。因此，我认为值得查看公司分析师预测的免费报告。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家具有潜在优越财务状况的公司，则不要错过此具有高ROE和低债务的有趣公司的免费列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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